Bitcoin Cash hard fork. Details and nuances
Large coins are constantly evolving, because without a timely update of the tools used, the cryptocurrency will quickly give way to newer and more progressive coins. This is why assets such as Bitcoin Cash are developing rapidly through so-called hard forks. Next, we will look at the details of the last such event. Which took place in the Bitcoin Cash system. We will look at the causes, consequences and role of the event for the coin and the entire industry. So let’s get started.
First, as usual, a description of the context of the situation, and then move on to a detailed disassembly of the hard fork. First, let us remind you that at the moment Bitcoin Cash is the sixth cryptocurrency in terms of capitalization. A fairly well-known project itself happened, in fact, thanks to the separation from the main Bitcoin protocol. At one time, the coin broke away from the main blockchain. And then became an independent project. And today Bitcoin Cash has experienced a similar event.
The coin protocol split into two streams, which will allow each of the branches of the Blockchain to function as a full-fledged coin. Everything is decided by ordinary users who support this or that coin. However, as of the current moment in time, Bitcoin Cash has not yet emerged a serious competitor. Most organizations and most importantly miners supported the original coin network. Thus, Bitcoin Cash continues to work with the adopted updates.
As a result of the hard fork, the developers implemented a new algorithm that directly affects the mining of the coin. The creators of the cryptocurrency have done extensive work to ensure the smooth functioning of the newly mined assets. Recall that earlier, after the hash was found, new blocks were produced with a slight delay. Which, on the scale of the whole network, created considerable problems. But now a technical flaw has been found and eliminated. Let’s consider the significance of a hard fork and predict the future fate of the cryptocurrency after such a significant event. More on this in the next section.
What’s next for Bitcoin Cash?
The event, in fact, was perceived ambiguously. The fact is that, in addition to the refinement of mining, a functionality was introduced into the system that invalidates those blocks for finding which the miners did not pay a small commission. The debited funds are sent to the Bitcoin Cash Fund, which allows the non-profit organization to develop and actively improve the products offered. Nevertheless, such an innovation seemed to many users too radical. That is why a real debate has erupted on social media about whether it is worth supporting the current version of Bitcoin Cash or whether it is necessary to move towards an alternative coin.
However, we recall that at the moment, new blocks continue to be mined against Bitcoin Cash. The second network, which appeared after the hard fork, did not receive any support from the audience. Does this mean that now the developers will see their strength and start lobbying for their own interests, despite the opinion of the community? Not at all. The current situation is a confirmation that users of the crypto industry can think ahead.
The community is aware that a small donation to Bitcoin Cash is a viable solution to keep the company growing. As part of the rest of the coins, hard forks are also practiced. So follow all the news from the crypto industry with us. We publish only high-quality and interesting material. Thanks for attention. Good luck!